The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has published the preliminary results of its fourth quantitative impact study to stakeholders. The final results will be published at CEIOPS's annual conference on 19 November 2008. There was a high level of participation in the QIS4 exercise which demonstrates that the insurance and reinsurance industry is showing greater interest in the Solvency II directive.
CEIOPS states that the preliminary results show that considerate further refinement will be needed at Level 2 of the implementation process.
The results demonstrate that the solvency principles test in the exercise will not have a dramatic impact on balance sheets. The results were characterised by a relative decrease in the amount of insurance liabilities compared to an increase in eligible capital and capital requirements. The results so far received show that overall the vast majority of participants in the QIS4 exercise will meet the minimum solvency capital requirements.
For further information: Preliminary results of Q1S4